Barclays Spain launches new mortgage for non-residents

30-Nov-2006

Barclays Spain has announced the launch of a new higher loan-to-value mortgage for non-resident first time buyers or repeat purchasers looking to buy in Spain.

Barclays' new mortgage may be beneficial to first time buyers looking to invest outside of the UK housing market, following the bank's decision to offer an increased loan-to-value of up to 80 per cent, over a maximum term of 30-years.

Interest rates for the new mortgage range from 4.72 per cent to 5.22 per cent.

"Barclays continually looks to develop its range of mortgages available to British people wanting to buy property abroad," said Suzanne Clay, business development manager at Barclays.

"By offering a higher loan-to-value … we believe this product will enable many budding overseas property investors to realise their dream," she added.

Applications for the product are limited and must be received by January 31st 2007.

Barclays, a UK-based bank, operates in a number of overseas countries, including France, Portugal and Italy.

To find out more about this mortgage, contact a good mortgage broker.

To find out how to get onto the property ladder by buying to let somewhere else click here.

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